In my previous post I mentioned that a test and break of 400 was most likely possible by Wednesday. We got the move today. The question now is "are we there yet?".
I dont think we are. We have a bearish MA cross with 2 short triggers from the 20 length squeeze. Our squeeze stochastic is red and heading down and we are seeing selling.
The challenge is where to now. Do we head to the bottom of the red vol band at 388? Truth is...I dont know. No one does. What i do know is that when the 20 length squeeze is red with increased volatility, you cannot be bullish. For intraday traders there will be the swings and roundabouts which, if thats you preferred method of trading, best of luck to you. For now I am sticking to the short side until we get back above 406.31 on the 375 min chart.
Safe trading to all.
Long SPXS
Long SOXS
Pong PSQ
Long RLI
Long SQQQ
I dont think we are. We have a bearish MA cross with 2 short triggers from the 20 length squeeze. Our squeeze stochastic is red and heading down and we are seeing selling.
The challenge is where to now. Do we head to the bottom of the red vol band at 388? Truth is...I dont know. No one does. What i do know is that when the 20 length squeeze is red with increased volatility, you cannot be bullish. For intraday traders there will be the swings and roundabouts which, if thats you preferred method of trading, best of luck to you. For now I am sticking to the short side until we get back above 406.31 on the 375 min chart.
Safe trading to all.
Long SPXS
Long SOXS
Pong PSQ
Long RLI
Long SQQQ
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